The Emporia weekly news. [volume] (Emporia, Kan.) 1881-1889, 1887-12-08

piciOn that 1t was intended as Temporal
ry and limited in its application in
stead Of comforting a continuing discre-
ton and authority. No condition
ought to exist which would justify the
grant of power to a single official upon
his judgment of its necessity to with
hold from or release to the business of
people in an unusual manner, money
held in the treasury and thus affect, at
his will, the financial situation of the
country; and il it is deemed wise TO
lodge in the secretary of the treasury
the authority in the present juncture
to purchase bonds it should be plainly
vested and provided as far as possible
with such checks and limitations as
will define this officials right and dis
| erection and at the same time relieve
him from undue responsibility. In con-
sidering the question of purchasing
bonds as a means of restor-
ing to circulation the surplus
money accommodating in the
| that premiums must of course be paid
upon such purchase that there may be
| large part of these bonds held as in
vestments which cannot be purchased
at any price, and that combinations
among holders who are willing to sell
may unreasonably enhance the cost OF
such bonds to the government. 1t has
been suggested that the present bonded
debt might be refunded at less rate
Of interest and the diffsrenS- De5W cen
the old and new security paid in cash
thus
FINDING USE FOR THE SURPLUS
in the treasury. The success of this
plan, it is apparent, must depend upon
the volition of the holders of the pres
ent bonds; and it is not entirely certain
that the inducement which must be Of
IN fiIoa
cial benefit to the government than the
purchase of bonds, while the latter
proposition would reduce the principal
of the debt by actual payment instead
of extending it. The proposition to
deposite the money held by the govern
ment in banks throughout the country
for use by the people is it seems to
/ me, exceeding the Objectionable in
principal as establishing too close a
relationship between the operation
of the government treasury and the
| business of the country, and too ex-
tensive commingling of their money,
thus fastening an unnatural reliance
in private business upon public funds.
II this scheme should be adopted it
should only be done as temporary eX-
pedient to meet an urgent necessity.
Legislative and executive efforts should
generally be in the opposite direction
as much and as fast as can safely be
done the treasury department from
private enterprise. OF course it is not
expected that unnecessary and extrava-
CANT appropriations will be made for
the purpose of avoiding the accumula-
ton of an excess of revenue. Such eX-
penditure, beside the Decentralization of
all Just conceptions of public duty
which it entails stimulates habit of
reckless improvidence not in the least
consistent with the mission of our peo-
pie on the high and beneficent ideas of
our government.
have deemed it my duty to thus
bring to the knowledge of my country
men, as well as to the attention of their
representatives, charged with the re-
sponsibility of legislative relief, the
gravity of our financial situation. The
failure of congress heretofore to pro-
vide against the dangers which it was
quite evident, the very nature of the
difficulty must necessarily produce,
caused a condition of financial distress
and apprehension since your last adj
journment, which taxed to the utmost
all the authority and expedients within
executive control, and these appear
now to be exhausted. If disaster re-
suits from the continued inaction of
congress, the responsibility must rest
where it belongs. Though the situa-
ton thus far considered is fraught with
danger, which should be fully realized,
and though it presents feature of
wrong to the people. as well as peril to
the country, it is but result growing
out of a perfect and apparent cause,
constantly reproducing the same alarm
ing circumstances congested national
treasury and depleted monetary con-
dition in the business of the country.
1t need hardly be stated that while
the present situation demands a
remedy, we can only be saved from a
like predicment in the future by the
removal of its cause. Our scheme OF
needless surplus is taken from the
people and put into the public
treasury, consists of tariff or duty
| levied upon importations from abroad
and internal revenue Taxation are,
/ strictly speaking necessarieS. There
appears to be no just cause for COM
plant of this taxation by the con-
/ sumers of these articles and there
/ seems to be nothing so well able to
bear the burden without hardship to
any portion of the people. But our
present tariff laws, the vicious in
| equitable and Illogical source of Ln-
necessary taxation ought to be at
once revised and amended. These laws
as their primary and plain effort is the
price to consumers of all articles impor-
ted and subject to duty by precisely the
sum paid for such duties; thus the
amount of the duty measures the tax
paid by those who purchase for use
these imported articles. Many OF
these things, however, are raised OF
manufactured in our own country and
the duties now levied upon
foreign ILL.,, goods stoot; and prof dbets
. | 20 hnaunCn
der it possible for those of our people
who are manufacturers to make these
taxed articles and sell them for price
equal to that demanded for the i'm
ported goods that have paid duty. So
it happens that while comparatively a
few use the imported article, millions OF
our people who never use and never
chase and use things of the same kind
made in this country, and pay, there
fore, nearly or quite the same enhanced
| price which the duty adds to the i'm
ported articles. Those who buy i'm.
ports pay the duty charged thereon into
to the public treasury but the
great majority of our citizen:
who buy domestic articles
of the same class pay a SUN at least
approximately equal to this duty to the
, home manufacturer. This reference
} to the operation of our tariff laws j:
: not made by way of instruction, but il
3 order that we may be constantly re
7 minded of the manner in which they
) impose burden upon those who con.
sumo domestic products as well a!
4 those who consume imported articles
y and thus create a tax upon all our PEG
Y pie. 1t is not proposed to entirely re
a lieve the country of this taxation. /
o must be extensively continued a
: the source of the governments income
g and in a readjustment of our tariff, tn
: interests of American labor engage,
}, in manufacture should be CAREFUL
y considered, as well as the preservation
of our manufacturers. 1t may b
called protection, or by any other name
-e but relief from the hardships and daI
& gers of our present tariff laws shoul
re be devised with especial precautio
S, against imperiling the existence of on
Of manufacturing interests. Blu
IS this existence should M
Of mean condition whiC